Last week, Norway’s telecom giant Telenor posted the company’s third-quarter report which showed flat organic subscription and traffic revenues, a 2 percent decline in organic EBITDA, and a strong cash flow of NOK 7 billion. According to Telenor, the results are impacted by the prevailing covid situation in Asia but the telecom giant is seeing strong trends, adding almost 2 million subscribers this quarter and almost 7 million year to date.
In the report, Telenor said that there are early signs of gradual recovery from the impact of the pandemic in Asia. In Thailand, the results are impacted by lockdowns but the country is signaling re-opening of the borders for tourists towards the end of the year. “In Malaysia, we see a gradual improvement in performance through targeted market initiatives, supported by government stimuli packages and easing of restrictions as a result of high vaccination rates,” Telenor said.
Sigve Brekke, President, and CEO, Telenor Group said, “During the pandemic, we have accelerated the execution of our strategic ambitions, including modernization and digitization initiatives. As a result, our operations today are more efficient and resilient than they were at the beginning of the pandemic. Based on the performance so far this year, and on our expectations for the fourth quarter, we maintain our outlook for 2021.”